Condominiums will become a little harder to buy if you are using CHFA or FHA to help with the mortgage financing.
Just since last week's Mortgage Monday, FHA has announced that the Spot Approval process will stay in place until December 2nd. The Spot Approval process allows for an individual condominium unit to be approved for FHA financing. Due to widespread abuse of this program FHA is ceasing the Spot Approval program. This means that any condominium project that does not have a FHA approval on the whole project will not qualify for FHA financing. This is not a concern for most condominium projects in Southeastern Connecticut. At McCue Mortgage we have worked with lots of condominium associations and management companies to have the whole projects approved. It is not that hard to do. It just takes time and will probably take longer than normal due to a number of applications for approval being submitted at the same time as this change in regulations takes place. Also, CHFA will no longer require CHFA approval of the condominium complex. They will simply see if the complex has the FHA approval before approving financing through CHFA. The condominium projects that will be impacted right now will be those that have been using the Spot Approval. CHFA will not honor those Spot Approvals as of October 19, 2009. Please contact us if you help in making sure that you are buying in a CHFA or FHA approved complex. Oh by the way, only 42 Days To Go to take advantage of the $8,000.00 Housing Tax Credit!!  Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. | 
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